BTCUSD price surged above $25000 after mixed US CPI data.US CPI rose 0.40% last month in line with the estimate, below 0.50% the previous month. The yearly CPI declined to 6% in Feb, the smallest annual gain since Sep 2021. BTC hits a high of $26555 and currently trading around $24678.
Major economic data for the day
Mar 15th, 2023 US PPI m/m (12:30 PM GMT)
US retail sales m/m (12:30 GMT)
US Empire state manufacturing Index ( 12:30 pm GMT)
Factors to watch for Bitcoin price action-
US markets -
NASDAQ (positive correlation with BTC)- Bearish (negative for BTC). The index pared most of its gains on weak market sentiment. Any daily close below 11790 will push NASDAQ prices lower to 11350.
According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in Mar increased to 81.2% from 30.2% a week ago.
Technicals-
Major support- $23000. Any break below will take to the next level at $21800/$21200/$20700/$19800 if possible.
Bull case-
Primary supply zone -$25300. The breach above confirms minor bullishness. A jump to the next level of $27000/$30000 is possible.
Secondary barrier- $30000. A close above that barrier targets $37000/$4000.
It is good to buy on dips around $23000 with SL around $21500 for TP of $25250.
